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Moana Pasifika Bow Out of Super Rugby with Sadness but in Style
Moana Pasifika entered liquidation on Monday, ending the Super Rugby franchise after their final match against the ACT Brumbies on Saturday, a 21-19 victory in Canberra.
Moana's ownership group announced in April they would cease funding at season's end, citing 'financial, operational and strategic realities' after the team's underwrite model lacked sufficient private shareholder capital.
Sport New Zealand transferred $4 million to the franchise, with a $3 million loan fully drawn within 18 months; the remaining $2.7 million principal is likely a write-off.
Coach Tana Umaga said many players who committed to rugby must find alternative employment, describing the team's final days as 'a sad thing, but that's footy.'
Umaga maintains hope that potential bidders might acquire the license, telling reporters, 'There's hope and when there's hope, there's a way,' regarding the movement's future.